What changed
The Government fixed April 15, 2012 as the closure date for residual March 2012 transactions, so banks must close books on April 14, 2012 (April 15, 2012 being Sunday). Special messenger/courier arrangements for receiving branches are required from the second fortnight of March 2012 to ensure timely accounting. Nodal/Focal Point branches must prepare separate scrolls for March residual and April transactions during the first 14 days of April.
What it means for you
Agency banks must ensure all government tax collections and payments up to March 31, 2012 are recorded in the current financial year, avoiding mix-ups with April transactions. This requires strict segregation of scrolls and timely submission from receiving to nodal branches. Non-compliance could lead to misreporting of government accounts and potential regulatory scrutiny.
What you must do
- Instruct receiving branches to implement special messenger/courier arrangements from the second fortnight of March 2012 for timely challan/scroll transmission.
- Ensure all arrears are cleared before March 15, 2012.
- Direct Nodal/Focal Point branches to prepare separate scrolls for March residual and April transactions during April 1-14, 2012.
- Reiterate that all March 2012 transactions must be accounted in FY2011-12 and not mixed with April 2012 transactions.
- Extend the same procedure to Non-Civil Ministries (Defence, Posts, Railways, Telecommunications) transactions if handled.
Who it affects
All agency banks handling government tax collections, Receiving branches of agency banks, Nodal/Focal Point branches of agency banks, Branches handling Non-Civil Ministries transactions
What is the deadline for clearing arrears before March 2012 closure?
All arrears must be cleared before March 15, 2012, as per the circular.
How should Nodal/Focal Point branches handle transactions in early April 2012?
They must prepare separate sets of scrolls: one for March residual transactions and another for April transactions, ensuring no mixing of the two.
Does this circular apply to Non-Civil Ministries like Defence and Railways?
Yes, the same special arrangements and reporting procedures apply to Non-Civil Ministries transactions handled by agency banks.